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Cryptocurrency advertising will be absent from Bing by the end of July…

Following the lead set by Google, Facebook and Twitter, the search service Bing has confirmed that it’s now set to ban cryptocurrency advertising too.

The announcement came on the Bing Ads blog, where advertiser policy manager Melissa Alsoszatai-Petheo said that “because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviours, or otherwise scam consumers”.

She added that “to help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options”.

The policy change will be implemented across the Bing Ads network starting in June, with full rollout expected in late June and early July. It’ll be completed by the end of July.

Whilst some have found (temporary) ways around the ad bans on other platforms, it does add to the growing feeling that some kind of cryptocurrency regulation is needed. In lieu of it, more and more big platforms are taking the easier way out, and simply implementing blanket bans. Bing is unlikely to be the last to do so.

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Some time ago, the famous social network platform Reddit, decided to no longer accept bitcoin payments for purchasing Reddit Gold. According to the company, this happened because of some bugs with Bitcoin payments and the Coinbase change on commercial accounts

“The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option.”

At the moment, it seems that the platform is ready to incorporate back crypto payments for purchasing Reddit Gold, but with one unexpected surprise, Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) would be accepted.

Reddit Restores Crypto Purchases

In an interview with Cheddar, Reddit CTO Chris Slower, explained that Bitcoin had very high fees and was a problem for purchasing Reddit Gold. At the same time, he said that they are also looking at Ethereum and Litecoin, which are operated by Coinbase, have low fees and fast transactions.

“We’ve been looking at other cryptocurrencies in fact. That was part of the issue with the high fees on the Bitcoin network. We were looking at Ethereum and Litecoin that were provided both by Coinbase as well.”

Important figures of the cryptocurrency space have already shown their support to Mr. Slower’s comments. Charlie Lee, Litecoin’s founder gave a retweet to Cheddar’s interview and showed his support for this decision.

At the same time, Mr. Slowe said that Reddit has one of the oldest Bitcoin communities online around 8 years ago. Moreover, he explained that every single coin in existence has a specific sub-Reddit for discussions.

Coinbase made important changes to Coinbase Commerce, which allowed merchants to accept Bitcoin as a means of payment. Currently, if a commerce wants to keep accepting virtual currencies as a payment option, they will have to make a significant upgrade.

Now, Bitcoin and other cryptocurrencies will come back to the platform allowing users to easily give Reddit Gold to an interesting article, post or discussion.

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The current consensus mechanisms with PoW and PoS face the problem of being too slow. Ethereum’s 13 transactions per second and lack of scalability make its uneconomic use questionable in the future. Alternatives like NEO and EOS exist but bring along their own disadvantages. Currently, most businesses run their platforms on Ethereum and changing to a different blockchain is difficult.

Ethereum: 7-15 tps,🛴 GoChain: 1300 tps

Gochain is a decentralized cryptocurrency and blockchain that is compatible with Ethereum, but faster. You can use it with current Ethereum wallets, smart contracts and decentralized applications.

To allow 100 times more transactions per second, it relies on Proof of Reputation to reach consensus, which is a stronger and more secure version of Proof of Authority. This algorithm will be far more energy efficient, needing about 0.001% of the power used to currently mine Ethereum. Also, the nodes will be spread geographically, to prevent them from being taken over by governments or, like currently, being pseudo-decentralized with the majority of the miners being in China.

They already built 1M/s solutions and have a 1000/s testnet

The team consists of founders, long-term investors and software engineers with years of experience in distributed cloud systems and high scale applications.

Team

The team is lead by Jason Dekker, who was a hedge fund manager who has managed in excess of $250 million, angel investor, board member and advisor with an exit to a public company.

Chief Solution architect Travis Reeder has over 20 years of experience developing high-throughput, high scale applications and cloud services and has founded successful technology companies and has raised tens of millions in funding from some of the top VC firms in Silicon Valley

Verdict (8/10)

There is a strong need for high scale and robust blockchains and GoChain is a step in the right direction. The testnet and mainnet updates at a pre-ICO stage is a very positive sign and the team behind the project is strong.